Volunteering = Happiness

KOS celebrated the CPA day of service volunteering at Bernie's Books for children. Check out the before and after photos. Volunteering = Happiness

 

Take time to "Smell the Roses" this Labor Day weekend.....

Last week, the KOS Wellness Committee hosted its inaugural "Stop and Smell the Roses" Botanic Garden walk. A photography contest was held and the winners were just announced in the categories of: flowers, insects and water. From all of us at KOS, we'd like to remind you to take time to smell the roses this Labor Day weekend.

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KOS Is Hiring!

Help us spread the word! We are actively seeking exceptional candidates for the following positions:

• Tax Interns to work next busy season; February to April 15, 2018
• Temporary Front Desk Receptionist; August 28th to October 16, 2017

KOS will be on-campus during the month of September for interviews and attending career fairs at the following schools: University of Illinois at Chicago (UIC), Northern Illinois University(NIU), DePaul, Illinois State University(ISU), and College of Lake County(CLC).

Tell your friends, networks and college age kids to spread the word and check out KOS for a career in accounting. Visit www.koscpa.com/careers for more information and apply online!

Geoff Harlow Quoted in Chicago Tribune

In the July 13, 2017, Chicago Tribune article, "Illinois income tax hike: 6 tips to manage or minimize how much you'll pay", by Gail MarksJarvis, KOS Partner Geoff Harlow offers tips on making sure employers apply the tax adjustment to your withholding.


Geoff is a frequent contributor for several news sources providing insight and guidance on various tax and accounting issues.


To read the full article, click on the link below:

http://www.chicagotribune.com/business/columnists/ct-illinois-income-tax-hike-marksjarvis-column-0716-biz-20170713-column.html

The July KOS Bottom Line Bulletin Is Here!

The July KOS Bottom Line Bulletin is Here!




This month's issue includes information on Charitable Deductions for Volunteers, Tax Angles for Self-Employed Individuals, Recent IRS Alert on Phone Scams, and so much more.


You can view our newsletter on our website at
http://www.koscpa.com/wp-content/uploads/2017/07/July-2017-Newsletter.pdf

KOS wishes you....

 A safe and fun 4th of July from all of us at KOS!

IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People to Remain Vigilant Against Scams, Schemes this Summer

IR-2017-107, June 15, 2017

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details.

In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to the taxpayer in the mail but returned as undeliverable. The scam artist then threatens arrest if a payment is not made through a prepaid debit card. The scammer also tells the victim that the card is linked to the EFTPS system when, in fact, it is entirely controlled by the scammer. The victim is also warned not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made.

“This is a new twist to an old scam,” said IRS Commissioner John Koskinen. “Just because tax season is over, scams and schemes do not take the summer off. People should stay vigilant against IRS impersonation scams. People should remember that the first contact they receive from IRS will not be through a random, threatening phone call.”

EFTPS is an automated system for paying federal taxes electronically using the Internet or by phone using the EFTPS Voice Response System. EFTPS is offered free by the U.S. Department of Treasury and does not require the purchase of a prepaid debit card. Since EFTPS is an automated system, taxpayers won’t receive a call from the IRS. In addition, taxpayers have several options for paying a real tax bill and are not required to use a specific one.

Tell Tale Signs of a Scam

The IRS (and its authorized private collection agencies) will never:

• Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. The IRS does not use these methods for tax payments. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. All tax payments should only be made payable to the U.S. Treasury and checks should never be made payable to third parties.
• Threaten to immediately bring in local police or other law-enforcement groups to have the taxpayer arrested for not paying.
• Demand that taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed.
• Ask for credit or debit card numbers over the phone.

For anyone who doesn’t owe taxes and has no reason to think they do:

• Do not give out any information. Hang up immediately.
• Contact the Treasury Inspector General for Tax Administration to report the call. Use their IRS Impersonation Scam Reporting web page. Alternatively, call 800-366-4484.
• Report it to the Federal Trade Commission. Use the FTC Complaint Assistant on FTC.gov. Please add "IRS Telephone Scam" in the notes.

For anyone who owes tax or thinks they do:

• View your tax account information online at IRS.gov to see the actual amount you owe. You can then also review your payment options.
• Call the number on the billing notice, or
• Call the IRS at 800-829-1040. IRS workers can help.

The IRS does not use email, text messages or social media to discuss personal tax issues, such as those involving bills or refunds. For more information, visit the “Tax Scams and Consumer Alerts” page on IRS.gov. Additional information about tax scams is available on IRS social media sites, including YouTube videos.